Vertical Bridge will gain exclusive rights to over 200 towers
BOCA RATON, FL NOVEMBER 06, 2015 – Vertical Bridge, the largest private owner and manager of wireless communication infrastructure in the U.S., today announced it has closed a transaction to acquire the rights to over 200 wireless communications towers from Nsight Tower Holdings, LLC (“Nsight”), a major telecommunication service provider in the Midwest. Vertical Bridge will have the exclusive rights to lease and operate the portfolio of Nsight towers for a weighted average term of approximately 31 years. Vertical Bridge will also have fixed price purchase options to acquire the towers based on their anticipated fair market values at the end of the lease terms. Financial terms of the private transaction were not disclosed.
“Vertical Bridge is very pleased to have earned the opportunity to become a long-term partner with Nsight,” stated Alex Gellman, Chief Executive Officer and Co-Founder of Vertical Bridge. “These unique, high quality, fiber-ready towers are built in prime locations, and Nsight will be the anchor tenant on all of the sites. By acquiring access to this portfolio of concentrated assets, Vertical Bridge will enhance its ability to provide improved regional coverage in Northern Wisconsin while capturing incremental leasing opportunities.”
“We view this as an opportune time to transition management and operation of Nsight’s owned tower portfolio to a trusted partner,” said Patrick Riordan, Nsight’s Chief Executive Officer. “We have known and worked extensively with members of Vertical Bridge’s executive team and are comfortable with them as our long-term landlord. Nsight will use the proceeds from this transaction to continue to build out our LTE network and acquire additional spectrum in key markets.”
Vertical Bridge now has almost 3,000 owned towers in its portfolio, and over 42,000 total sites. The portfolio is uniquely positioned to capitalize on the nationwide proliferation of advanced mobile communication and broadband services.
About Vertical Bridge
Vertical Bridge is the largest private owner and manager of wireless communication infrastructure in the United States. The company owns, operates and manages over 42,000 tower, rooftop, billboard, utility attachment and other site locations in support of all wireless network deployments. Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 by key executives from Digital Bridge Holdings, LLC and former senior officers of Global Tower Partners. The senior management team at Vertical Bridge has over 150 years of collective experience in tower infrastructure and related sectors. For more information, please visit http://www.verticalbridge.com.
Nsight is the parent company of Cellcom, Nsight Telservices and Nsight Tower. The family of companies provides wireless, telecommunication and broadband services to residential and business customers, along with tower erection and maintenance services in Wisconsin and Michigan’s Upper Peninsula.